Lots of people launch startups. Whether or not they do it effectively is another matter entirely. Is a localised domain name a good idea? How can you make the most of the Internet? How important are the people in your organisation?
These steps can help you set up your startup for success:
1. Do your research
Start by looking at what’s already out there. Having research and evidence behind your project is vital. According to www.OnStartups.com, before you even consider pitching your venture to investors you should at least have preliminary data available.
2. Be clear about who you are as a company and what you do
Investigate your competitors and find ways to distinguish yourself. You need to offer something that is different to what people can already get. Business Insider Australia says that unless your product is better or cheaper than what’s on the market you do not have a viable long-term business.
3. Make the Internet work for you
A localised domain name will make a huge difference to the success of your startup. Studies have found that people trust local domain names, partly because of their association with the community, but also because they have eligibility requirements. Destination Melbourne has already benefited from the clarity and simplicity of their www.destination.melbourne address. Using your web address to generate confidence and customers is one of the latest innovations savvy business people are using to grow their companies.
4. Stay true to yourself
Start with your vision for your startup and use it to inform everything you do and every decision you make. If you remain consistent you’ll prove to your investors and client base that you are reliable and trustworthy. Integrity is essential for a new business.
5. Work hard
You’ll need to go above and beyond in the beginning. Nobody makes their passion a reality without long hours and sheer determination. Founder of Start Up Australia, Simon Reynolds says that in order to succeed in business you have to aim high and dedicate yourself to continuous improvement.
6. Be innovative and make do with less
Think about how you can do things differently, more cheaply or more effectively. If you’re struggling with how to innovate, ask for advice from other entrepreneurs. One recent discovery that clever companies have made is acquiring a .sydney or .melbourne web address to connect with their clients and promote their business.
7. Surround yourself with good people and look after them
In Advice from a Startup Queen, Ellen Rubin emphasises the importance of choosing the right co-founder for her latest project. Someone who shares your vision, values and work ethic is critical to your startup.
Similarly, the people you employ need to be taken care of; they can make or break your business.
8. Be organised and keep good records
This sounds simple enough, but it can easily be overlooked in the face of more ‘important’ or interesting demands.
9. Do what you love
Follow the cliché and you’ll never work a day in your life!
10. Be persistent
Don’t give up when the going gets tough. Don’t be afraid of failure: you learn more from your mistakes than you do from your successes.
In an article for Entrepreneur, startup founder Danny Wong advises that while you’re likely to face a lot of rejection before you get a positive reaction, the most important thing to remember is that it’s how you pitch your idea and who you pitch to that makes the difference between the ‘yesses’ and the ‘nos’.